PTC Inc. |
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NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (UNAUDITED) |
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(in thousands, except per share data) |
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| Three Months Ended |
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| Six Months Ended |
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| March 31, |
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| March 31, |
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| March 31, |
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| March 31, |
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| 2023 |
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| 2022 |
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| 2023 |
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| 2022 |
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GAAP operating income | $ | 122,539 |
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| $ | 159,190 |
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| $ | 227,440 |
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| $ | 221,368 |
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Stock-based compensation |
| 52,246 |
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| 37,921 |
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| 93,750 |
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| 83,863 |
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Amortization of acquired intangible assets |
| 20,490 |
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| 14,371 |
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| 34,658 |
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| 29,348 |
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Acquisition and transaction-related charges |
| 11,883 |
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| 3,903 |
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| 17,689 |
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| 4,953 |
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Restructuring and other charges (credits), net |
| 1 |
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| (1,562) |
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| (337) |
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| 32,429 |
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Non-GAAP operating income (1) | $ | 207,159 |
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| $ | 213,823 |
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| $ | 373,200 |
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| $ | 371,961 |
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GAAP net income | $ | 63,504 |
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| $ | 89,679 |
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| $ | 138,539 |
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| $ | 135,768 |
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Stock-based compensation |
| 52,246 |
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| 37,921 |
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| 93,750 |
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| 83,863 |
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Amortization of acquired intangible assets |
| 20,490 |
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| 14,371 |
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| 34,658 |
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| 29,348 |
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Acquisition and transaction-related charges |
| 11,883 |
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| 3,903 |
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| 17,689 |
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| 4,953 |
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Restructuring and other charges (credits), net |
| 1 |
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| (1,562) |
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| (337) |
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| 32,429 |
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Non-operating charges (2) |
| 4,622 |
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| 44,613 |
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| 5,147 |
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| 34,847 |
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Income tax adjustments (3) |
| (14,943) |
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| (25,444) |
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| (33,676) |
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| (44,669) |
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Non-GAAP net income | $ | 137,803 |
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| $ | 163,481 |
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| $ | 255,770 |
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| $ | 276,539 |
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GAAP diluted earnings per share | $ | 0.53 |
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| $ | 0.76 |
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| $ | 1.17 |
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| $ | 1.15 |
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Stock-based compensation |
| 0.44 |
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| 0.32 |
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| 0.79 |
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| 0.71 |
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Amortization of acquired intangibles |
| 0.17 |
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| 0.12 |
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| 0.29 |
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| 0.25 |
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Acquisition and transaction-related charges |
| 0.10 |
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| 0.03 |
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| 0.15 |
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| 0.04 |
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Restructuring and other charges (credits), net |
| 0.00 |
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| (0.01) |
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| (0.00) |
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| 0.27 |
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Non-operating charges (2) |
| 0.04 |
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| 0.38 |
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| 0.04 |
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| 0.29 |
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Income tax adjustments (3) |
| (0.13) |
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| (0.22) |
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| (0.28) |
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| (0.38) |
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Non-GAAP diluted earnings per share | $ | 1.16 |
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| $ | 1.39 |
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| $ | 2.15 |
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| $ | 2.34 |
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(1) Operating margin impact of non-GAAP adjustments: |
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| Three Months Ended |
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| Six Months Ended |
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| March 31, |
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| March 31, |
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| March 31, |
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| March 31, |
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| 2023 |
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| 2022 |
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| 2023 |
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| 2022 |
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GAAP operating margin |
| 22.6 | % |
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| 31.5 | % |
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| 22.6 | % |
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| 23.0 | % |
Stock-based compensation |
| 9.6 | % |
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| 7.5 | % |
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| 9.3 | % |
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| 8.7 | % |
Amortization of acquired intangibles |
| 3.8 | % |
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| 2.8 | % |
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| 3.4 | % |
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| 3.0 | % |
Acquisition and transaction-related charges |
| 2.2 | % |
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| 0.8 | % |
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| 1.8 | % |
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| 0.5 | % |
Restructuring and other charges (credits), net |
| 0.0 | % |
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| (0.3) | % |
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| 0.0 | % |
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| 3.4 | % |
Non-GAAP operating margin |
| 38.2 | % |
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| 42.3 | % |
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| 37.0 | % |
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| 38.6 | % |
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(2) In the three and six months ended March 31, 2023, we recognized $3.7 million and $4.2 million of financing charges for a
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(3) Income tax adjustments reflect the tax effects of non-GAAP adjustments which are calculated by applying the applicable
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PTC ANNOUNCES SECOND FISCAL QUARTER 2023 RESULTS
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